UK Regulator Starts Formal Probe into Stryker's Acquisition of Wright Medical Group

By Ian Walker

The U.K. Competition and Markets Authority said Wednesday that it has started a formal investigation into Stryker Corp.'s acquisition of Wright Medical Group N.V.

The regulator, which announced an initial probe into the deal last month, said it is looking to see if the merger would lead to a "substantial lessening of competition" within any U.K. market for goods or services. It has set a deadline for July 15 to decide whether to refer the deal for a Phase 2 investigation.

Last November, Dutch medical-devices maker Wright Medical agreed to be acquired by medical-technology company Stryker for about $4 billion--or $30.75 a share--in cash.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

May 20, 2020 05:04 ET (09:04 GMT)

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